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Radhy
Radhy

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Web Monetization + NFT = ... ?

This is a discussion thread related to NFTs + Web Monetization. Tell us your idea on how creators can provide more value for their fans with NFT!

Pairing with NFT doesn't have to be limited to Web Monetization, you can also present your idea by combining NFT with Interledger payments or smart contracts and so on! And also don't worry about the ideas being technically impractical for now--shoot us your hypothesis or wildest idea, let's having a good discussion about them!

NOTE:
XRPL project issued grant for projects that building stuff around Ripple's blockchain ecosystem, which is including their new and shiny scalable NFT in XRP Ledger! Doing NFT in XRP Ledger is awesome so do checkout their grant program, you can learn about XRPL grant more here, and learn more about doing some NFT on XRP Ledger in their announcement and the introduction post!

For previous example on how pairing Web Monetization and NFT, you can read Andrzej Mazur's (@end3r ) report here.

Other links:
[Fireside Chat] Exploring NFTs on the Sustainable Funding Series, hosted by Erica Hargreave (@ericahargreave)

Discussion (32)

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casey_herd profile image
Casey Herd • Edited

I recently went back to listen to a podcast about NFTs I heard a few months ago and thought about the idea of cross-chain communication for NFTs. In The Metaverse Podcast, The Innovation of On-Chain NFTs, with Jim McNelis of NFT42 They talk about using various different blockchains that specialise in different aspects of making next generation NFTs. For example they talked about using Chainlink for verifiable randomness and Filecoin for storage of the artwork and a different chain for settlement. I wonder how ILP might/could be used to communicate between chains of a single or series of NFTs. Say if settlement of trading/buying/selling happened on the XRPL and art storage happened on Fliecoin and various other chains were used to give the NFTs different characteristics. How would that work or would it? It was something that came into my head but not having any technical experience Im left feeling pretty dumb. Thoughts? @gjhannam23

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casey_herd profile image
Casey Herd • Edited

Another really interesting idea is to rent your NFT! NFT Rentals: Why VCs Are Backing a Puzzling New Project

"The Ethereum-based project recently facilitated the lending of Stoner Cats, an NFT collection whose holders have access to a library of video shorts, and Animetas, whose holders rented their tokens to give temporary access to a private Discord event."

As ILP is currency agnostic you could rent your NFT and receive payment in whatever currency you want. I wonder how ILP could facilitate the temporary transaction of the NFT as well. @gjhannam23

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gjhannam23 profile image
Greg Hannam

Yep agree don't see why ILP couldn't.

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casey_herd profile image
Casey Herd

I wonder how that would work from a technical standpoint and would there be any advantages?

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gjhannam23 profile image
Greg Hannam

I'll leave @ike to take that one.

From a business viewpoint having the ability to flick between any currency is going to be super useful for a globally connected audience.

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ike profile image
Ike

Hi @casey_herd , I think it might be tricky to transact an NFT via ILP; but renting NFTs and making the rental payments via ILP sounds very interesting.

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radhyr profile image
Radhy Author • Edited

Would love to see this happens in XRPL anytime soon!

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casey_herd profile image
Casey Herd

Thanks @ike What is it about ILP that makes it really good for payments but not transferring NFTs? Also what about using different blockchains for different layers of the NFT? Sorry if thats very technical and complicated!

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gjhannam23 profile image
Greg Hannam

Yes 100% always use best in class for each element.

Stuff that is EVM will be easier to connect up which is probably the way those guys are taking it, however for XRPL I don't think this is possible yet. One of the XRPL grants went to someone to develop this functionality so we may see side chains with EVM compatibility in the near future which would be very exciting

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radhyr profile image
Radhy Author

Reading this I wonder if something similar would emerge from the recent XRPL grant. Does someone know whether there would be open grantees' reports for XRPL grants like we do here in GftW?

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casey_herd profile image
Casey Herd

Maybe I'll find out. I accidentally applied! Ha ha ha ha ha. I was just entering my info and answering the questions to see what they were asking. I clicked "ok" on one of the questions and it said "thank you for your application. We'll get back to you as soon as we've had time to review it." Lets see what they say!

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radhyr profile image
Radhy Author

Good luck on the application πŸ‘πŸ‘πŸ‘

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radhyr profile image
Radhy Author

As for me I've been tinkering with the possibility of having a decentralized venture capital-style crowdfunding where creators can issue shares in form of NFT tokens, and give chances for their fans to become stakeholders by buying their shares so that creators have fund to activate their projects.

Then it'll be great if we can somehow put a payment pointer to the NFT tokens in the metadata, where the revenue from creators' projects can be shared amongst stakeholders to the payment pointers in every shares (the NFT tokens) issued before. These payment pointers in the NFT metadata can be changed later on if the owners of the shares decide to sell their shares to someone else.

This idea can be automated with smart contracts like Solidity or Codius, but I think the simplest implementation would be creators would put a list of issued token in simple txt file and put them into immutable IPFS, and invite stakeholders to pin the IPFS url. This IPFS pinned txt file will be the anchor of shares lists when creators paid their stakeholders their dividend shares (presumably using Dividend Revenue Share scheme).

Creators and their community can decide whether they want to open the secondary market where their shares can be traded or not, which details I haven't think of at the moment.

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casey_herd profile image
Casey Herd

I love this idea and the discussion! Besides web monetization I think NFTs have incredible potential for the performing arts and Im looking forward to seeing where this will go. Thanks for diving into this Radhy!

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victoriac profile image
Victoria Coker

I agree with Casey I think performance arts can utilize NFTs in some cool ways and Im personally excited about that. I also saw someone in here using NFTs to license works. This is another way artist can leverage the NFT space. I saw you mentioned the Ballet concept. Maybe add tangible pieces to this as well. So the largest NFT could be auctioned for free Ballet lesson from a performer or chat.

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casey_herd profile image
Casey Herd

Thanks @victoriac ! that s a great idea! Im toying around with a few basic concepts like that with the idea of starting off simple and slowly adopting some of the more cutting edge ways people are starting to use them as I become more educated and as the arts community gets more familiar. There is so much going on its impossible to keep track of everything.

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radhyr profile image
Radhy Author

Would love to see NFTs making real life improvement to performing arts too!

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casey_herd profile image
Casey Herd

Ive been keeping a close eye on how other industries have been using them, particularly sports. It seems like there is a lot of development to do but it looks promising. Im strongly considering making a limited series of ballet art NFTs as a means of fundraising for Ballet Rising. Ive talked to several artists about it and everybody is pretty excited.

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radhyr profile image
Radhy Author

Pretty neat! Good luck on adopting NFT for Ballet Rising!

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casey_herd profile image
Casey Herd

Thanks! It will be an interesting process getting artists to understand and adapt but there is a drive to expand into the digital world now so education will be fun! For my self as well!

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ericahargreave profile image
Erica Hargreave

Thanks for starting this discussion, @radhyr .

Hosting a Fireside chat exploring NFTs tonight TONIGHT at 7:30pm PT / 8:30 MT / 9:30 CT / 10:30 ET with ith Melissa Freund, ⁦β€ͺDadcipher‬⁩ and @gfam . Anyone who is interested is invited to join us in the live Studio Audience. f.chat/pXfw

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radhyr profile image
Radhy Author

Yup. πŸ‘

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casey_herd profile image
Casey Herd

Oh shoot! I would have joined but I have plans.

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ericahargreave profile image
Erica Hargreave

I'll share the recording afterwards.

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end3r profile image
Andrzej Mazur

Thanks for the mention - I think mixing and matching stuff like Web Monetization and NFTs can only benefit the community, as creators can offer more diversified ways fans can support them. Right now it feels devs implementing Web Monetization in game jams we're organizing are a totally separate group from those doing NFTs and developing within Web 3 / blockchain, but it starts to change.

With optional categories in js13kGames competition and Gamedev.js Jam we see some devs are trying to implement both, and this maximizes the reach. I've noticed the first year of js13kGames having Web Monetization category in 2019 was more like an experiment of how this new tech can even be implemented, while the second year in 2020 people went creative and the level of quality was way higher. I bet the third year in 2021 should bring even more diversified and unique ways, and tossing in decentralized tech will only make this more fun.

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Radhy Author

Indie games have been in the frontline of creative experimental breakthrough for a few years, I'm excited to see more innovative approach from game devs to enrich both Web Monetization and NFT ecosystem in the future πŸš€πŸš€πŸš€

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antoniotalarico profile image
Antonio Talarico

@radhyr The XRPL project has just created a grant that brings NFT's to Ripple's blockchain. Their first batch of applicants has already gone through last week, but there are more on the way. I recommend you to check it out.

Their focus is not ONLY on NFT but for the first batch that was the case. Interesting development ahead.

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Radhy Author

Thanks for reminding me @antonio_kendraio !

At the moment I don't have plan to submit proposal for XRPL grant since they do have interview phase which is a bit overwhelming for me at the moment. Nonetheless, others might be interested and so I'll put it on the end of the post as a postscript note.

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Erica Hargreave

Really enjoyed my discussion with Melissa, ⁦β€ͺShane, and @gfam on NFTs on Fireside Chat last night. Assuaged many of my fears around NFT and copyright, and gave some good insights into getting started and the landscape for creatives.

Here's the replay: firesidechat.com/ericahargreave/01...

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radhyr profile image
Radhy Author

Cool. πŸ‘πŸ‘πŸ‘

I'm pinning this on the thread Erica. Hope you don't mind! πŸ™

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ericahargreave profile image
Erica Hargreave

Don't mind at all. I am honoured. Thanks Radhy.

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radhyr profile image
Radhy Author

Yup. You're welcome 😁